According to new report published by Grand View Research, Global Medical Imaging Market size was valued USD 33.7 billion in 2016 and is expected to grow at a CAGR of 5.7% over the forecast period. The Diagnostic imaging market is highly consolidated and is anticipated to witness various new product launches over the forecast period, which will vitally impact the revenue generation for the industry.

Global Medical Imaging Market is expected to reach USD 55.7 billion by 2025, according to a new report by Grand View Research, Inc. Augmenting investment by government and federal organizations for portable diagnostic devices, and increasing prevalence of numerous chronic as well as sedentary lifestyle diseases is expected to vitally impact the industry growth.

Funds and initiatives by government and private players is expected to benefit the market. For instance, based on the information provided by the Hindustan Times in 2016, the Indian Government has setup an agency for encouraging domestic manufacturers and regulated prices of the medical devices.

Along with rise in investments and funds in developing region, there is also a significant rise in fundings in the European countries such as the UK where USD 21.0 million was provided by the government in August 2015 for better development of new therapy, diagnostics and medical technologies. Such efforts across various countries worldwide, together, are anticipated to positively drive the market over the forecast period.

The Diagnostic imaging market is highly consolidated and is anticipated to witness various new product launches over the forecast period, which will vitally impact the revenue generation for the industry. For instance, the adoption of high slice technology in CT scanners is expected to drive revenue for the industry globally. As of 2016, high slice system includes 80, 128, 256, 320 and 640 slice system which are offered only by top vendors such as Toshiba, Siemens Healthineers, Philips and GE healthcare.

Based on product type, there are five segments, X-ray, computed tomography, ultrasound, MRI equipment, and nuclear imaging. The x-ray segment was identified as the largest and is expected to grow at a CAGR of over 3.0% during the forecast period.

North America is one of the most lucrative region for medical imaging market owing to better infrastructure facilities as compared to emerging regions and high end purchasing power along coupled with reimbursement framework in the region. U.S is the dominating region owing to its large population base having insurance coverage, advancement in technology, aging population coupled with prevalence of chronic disease.

About Grand View ResearchGrand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.